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What Has Trump Done For Small Business

What Is The Tax Cuts And Jobs Act

Ohio Voters Tell NBC: President Trump Has Protected Small Business, âLooked After The Small Guyâ?

The Tax Cuts and Jobs Act was legislation passed in December 2017 that gave the U.S. tax code its largest overhaul in over 30 years. Among other things, the legislation nearly doubled the standard deduction, placed new limitations on itemized deductions, reduced the income tax rate, and made reforms to several other key provisions.

Overall, the Tax Cuts and Jobs Act aimed to simplify the tax system. One of the biggest effects of the legislation was to cut the amount of income tax large American companies have to pay. But how did it affect small business? Lets take a closer look.

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Theres no ban on businesses connected to Trumps orbit receiving money. Democrats added a provision to the CARES Act excluding government officials and their family members from receiving some bailout funds, but not those from the PPP.

The firms sought funding under the Paycheck Protection Program, one of the Trump administrations sweeping pandemic relief efforts. Created in late March by the CARES Act, it allowed small businesses generally, those with fewer than 500 employees to apply for loans of up to $10 million. The loans can be forgiven if used to cover payroll, rent, mortgage interest or utilities.

The program paid out $521 billion to almost 4.9 million companies in an effort to provide relief for small businesses and their workers amid the sudden economic shock brought on by the pandemic. As applications slowed after the initial rush, $132 billion remained unspent, and Congress voted to extend the program.

After resisting releasing the names, the government bowed to pressure from critics and watchdog groups. On Monday, the administration disclosed only those entities that were approved by banks for loans over $150,000. A consortium of news organizations, including ProPublica, has sued the administration under the Freedom of Information Act to release the full list of recipients and loan details.

Trump Jr. purchased his shares as Beach sought Trump administration funding for his other global business interests, ProPublica first reported in December 2018.

The State Of Small Business Is Strong

As President TrumpDonald TrumpBiden sends 2016 climate treaty to Senate for ratificationUS, China ease restrictions on journalists Americans keep spending MORE heads into his final State of the Union ahead of the 2020 election, he should take the opportunity to explain how the policies of his administration are largely responsible for the flourishing economy that is raising the standards of living for ordinary Americans everywhere. Trump should contrast this success with the economic disaster that would occur from the socialist policies of Bernie Sanders, who looks poised to win the Iowa caucus, or any of the other Democratic candidates.

The State of the Union offers Trump a rare opportunity to cut through the partisan filters of the mainstream media and speak directly to Americans about how policies that favor growth and workers, such as trade deals, tax cuts, and deregulation, are padding the pocketbooks of workers across the nation. Although his economic successes do not usually generate many front page headlines, they certainly should be trumpeted.

Take home pay adjusted for inflation for the average middle class family has risen to a record of $66,000 under this administration. Democrats in Iowa may have not gotten the message, but Trump has addressed wage stagnation. Wages are rising partly because of the tight labor market. The unemployment rate is at a half century low of 3.5 percent. There are one million more available jobs than the number of unemployed people.

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Trumps Stance On Minimum Wage

While the Republican Party and Donald Trump subscribe to an economic system with a low minimum wage, several states are currently in the process of substantially raising their minimum wages. California, most notably, has raised its minimum wage to $10 per hour, and it seems as though a couple of other states are bound to follow suit.

While there is a federal minimum wage, states also have the sovereignty necessary to set their ownPresident Trump is thereby limited in his ability to influence this facet of the economy. As far as small businesses are concerned, there is no consensus as to whether a higher minimum wage helps or hurts Main Street.

Used Little Of Own Money

Biden blunder: Claims Trump did

The New York Times, which conducted an analysis of regulatory reviews, court records, and security filings, found otherwise, however. It reported in 2016 that Trump “put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses, and other payments.

“The burden of his failures,” according to the newspaper, “fell on investors and others who had bet on his business acumen.”

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Donald J Trump Foundation

The Donald J. Trump Foundation was a U.S.-based private foundation established in 1988 for the initial purpose of giving away proceeds from the book Trump: The Art of the Deal by Trump and Tony Schwartz. The foundation’s funds mostly came from donors other than Trump, whose last personal contribution to the charity was in 2008. The top donors to the foundation from 2004 to 2014 were Vince and Linda McMahon of World Wrestling Entertainment, who donated $5 million to the foundation after Trump appeared at WrestleMania in 2007.

Per the foundation’s tax returns, its benefactors included healthcare and sports-related charities, as well as conservative groups. In 2009, for example, the foundation gave $926,750 to about 40 groups, with the biggest donations going to the Arnold Palmer Medical Center Foundation , the New York Presbyterian Hospital , the Police Athletic League , and the Clinton Foundation .

A 2018 suit by the New York State attorney general alleged that Trump had illegally used foundation funds to buy self-portraits, pay off his businesses’ legal obligations, and boost his presidential campaign. The judge ruled against the Donald J. Trump Foundation and ordered Trump to pay $2 million in damages. Trump agreed to give that money and the foundation’s remaining $1.8 million to 8 charities ranging from Army Emergency Relief to the United Negro College Fund to the US Holocaust Memorial Museum and to dissolve the foundation.

Us Election : ‘trump’s Done What He Said He Would For Business’

Like many Americans, Amy Fazackerley is worried about the economy. The 49-year-old runs a small business near Washington, DC in Virginia, which sells mats that roll up into bags – a product she invented in response to her sons’ Lego mess and she sees mom-and-pop firms like hers closing every day.

“It breaks my heart,” she says. “The government has to step up.”

But Ms Fazackerley’s worries aren’t changing her vote. The Republican backed Mr Trump in 2016 and will be voting for him again, thanks to his record promoting small business and confronting China over intellectual property theft – a key issue for her business, which faces a constant battle against knock-off products.

“He’s actually done what he said he was going to do,” she says.

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Where Donald Trump Stands On Small Business Issues

A survey of small businesses by Sage also found Trump to be the heir apparent when it comes to representing small businesses.

From these surveys, its clear that small business is casting its vote for Trump, but what are the candidates views on issues of concern to small business and entrepreneurs? Here is what he has to say, in his own words. Some of what he says come from position statements on his website and some from other sources.

It should be noted that Small Business Trends reached out to Mr. Trumps campaign but did not receive a response.

A Year Later What Do Small Business Owners Think Of President Donald Trump

SUPPORTING SMALL BUSINESSES: President Trump speech at the White House

This time last year, all the pundits and political wonks were stunned by Donald Trumps election as the 45th U.S. president, which was seen as a big-time upset. Supportive small business owners played a significant role in Trumps victory, with 2 in 5 voting for the Republican Trump compared to 1 in 4 who voted for Democratic challenger Hillary Clinton, according to our research.

Earlier this year, Womply founder Toby Scammell wrote in Forbes that these same small business owners who helped Trump win the White House would evaluate him largely on how well he fulfilled promises with regard to tax reform and health care. From Tobys op/ed:

Trump faces the ripple effects of how small business owners react to key policy issues that affect local commerce. Specifically, American merchants will evaluate their new president and adjust their confidence levels based on how he prioritizes and approaches tax reform, Obamacare repeal and immigration.

As Trumps first year as president quickly comes to a close, big policy battles are still in flux, and his administration is saddled with distractions, scandals, and everything in between. So, how are small business owners feeling about the new commander-in-chief right now?

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How The Trump Tax Plan Benefits Small Businesses

The impact the Tax Cuts and Jobs Act has on your business depends on how your business is structured. Some entities will be eligible for new deductions and credits, while others will not. Also keep in mind that while some of these changes have been instituted in perpetuity, while others expire as early as 2019, and others last through 2025.

Heres how the Trump tax plan may benefit your business.

So letâs first re-establish the different categories of businesses entities at the center of Trumpâs tax plan:

Determining The Impact The Trump Tax Cuts Will Have On Your Business

Overall, you can expect the impact of Trumpâs tax plan on your small business to be a mixed bag. Thatâs especially true for an overhaul like this, which completely rewrites many aspects of the tax code. Youâll probably end up finding that some things that may benefit your small business directly, especially if youâre a pass-through entity, and that other pieces, like deductions youâre used to taking, have disappeared.

The most important thing to do to stay informed about how Trumpâs tax plan will impact your business is to speak to your accountant or bookkeeper. Keeping open those lines of communication with your tax team will help you find out which new credits and deductions you can take advantage of this year, and in the years to come.

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Trump’s Business May Go On Trial On Tax Charges Just Before The 2022 Elections

Trump Tower embodies the contradictions of Donald Trump’s business, post-presidency. There’s a cachet to sell, but also an extremely polarizing brand. Trump’s continued espousal of lies about the 2020 election have driven away potential partners after the Jan. 6 attack on the Capitol, associates from Deutsche Bank to the Professional Golf Association pulled back.

There’s an ongoing criminal fraud case by the Manhattan district attorney against the Trump Organization and its chief financial officer, Allen Weisselberg. The New York attorney general and the Westchester district attorney are also investigating. Trump, his company and the CFO have denied wrongdoing.

Though There’s Millions Of Dollars Of Debt Trump Still Has Steady Income

Small business advisers for Trump have suffered ...

Trump’s problems extend beyond New York City. In the years before he became president, Trump went on a spree of buying up golf resorts. Though golfing spiked in popularity as a result of the pandemic, Trump resorts from Doral, Fla., to Doonbeg, Ireland, have faced a loss of conference and tourism clientele. Trump’s brand licensing business is largely stagnant. His hotel in Washington lost $74 million while he was president, Congress recently reported.

On a recent day at Trump Tower, the escalator going up from the first floor was roped off and small ground-level shops had been converted to display windows for Trump-branded merchandise. Andrea Bernstein/NPRhide caption

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On a recent day at Trump Tower, the escalator going up from the first floor was roped off and small ground-level shops had been converted to display windows for Trump-branded merchandise.

To be sure, while Trump disclosed hundreds of millions of dollars of debt while he was president, his company still owns valuable assets. He gets a steady income from commercial real estate properties that don’t bear his name in New York and San Francisco.

“I don’t think it’s as doomed as a lot of people think it is,” Forbes‘ Alexander said of Trump’s business.

But the Trump brand’s troubles are easy to find. At Trump Tower in Manhattan recently, tourists going in and out of the building reacted not just to the property they’d seen, but to the man.

Some don’t see that as an insurmountable hurdle.

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Income Capital Gains Taxes And $400000

Trump also has talked about lowering the top capital gains tax rate to 15%, which for business owners looking to exit in the next few years, could be significant, according to Nitti.

The president also has talked about eliminating payroll taxes, though there has been little support for the concept, even among his own party. But Nitti said that as a small business owner, there is a lower current tax burden because of the 199A deduction, and it could be reduced even more with a low capital gains tax and low payroll taxes. While maybe not likely, the tax partner said that, in general, Trump’s approach to taxes can result in a clear-cut vote for business owners who see taxes as a huge issue.

“Everything we are hearing from Trump is a common theme of reducing the tax burden. The GOP won’t run on a platform of raising taxes for anyone, let alone small business,” Nitti said.

That is why when it comes to taxes, his clients are paying the most attention to what happens if Biden wins. “His platform makes no bones about increasing taxes,” the tax partner said.

The Biden tax platform does indicate that incomes under $400,000 a year will not experience any tax increases, including provisions like 199A deductions.

Biden has promised that for taxpayers at the higher levels of income above $400,000, the top individual tax will revert to 39.6%, up from 37% currently. Long-term capital gains will also be taxes at 39.6% on income above $1 million.

Trump Still Has Strong Supporters And Detractors

Trump is an incredibly polarizing figure, even among local business owners. In March, we polled nearly 3,000 small business owners to gauge their optimism and see how their sentiment might translate into actions like hiring and expansion. We found that Trumps election was a major source of optimismfor his supporters AND a huge reason for pessimism among his detractors.

Months later, Trump has fewer SMB owners who approve of his performance as president, and more who disapprove, according to research from CNBC and SurveyMonkey. He also has more SMB owners who strongly approve AND disapprove of his performance. In other words, hes having a polarizing influence.

Heres a snippet from CNBCs reporting on the survey:

In the second-quarter CNBC/SurveyMonkey Small Business Survey, 58 percent of business owners approved of the job Trump was doing as president, while 41 percent expressed disapproval. That gap narrowed in Q3, with 51 percent of business owners approving of the presidents performance, while 47 percent disapproved. The more significant moves came among business owners who strongly approved or disapproved of Trump.

Trumps chaotic, strong management style

Speaking of polarization, CNBC and SurveyMonkey created a word cloud from 1,800 open-ended responses from small business owners asked to describe Trumps leadership style. Take a look:

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